Bitcoin: How Buyers and Sellers Should Trade
If we look at the 1H timeframe, we will see a sideways movement between 12 000USD resistance and 11 700USD support. The buyers tried to pass through the resistance level 2 times, but they failed. It tells us that they are not so strong, and there are no fundamental factors supporting the upward movement.
At the same time, we have to note that the sellers also could not push the price below the support. We see 3 attempts, which also failed. It is a signal that the sellers are not so strong as well. The price could stay above the support as well as above MAs with different periods. What does it mean for us?
As we don't have active sellers, and we could see increased volume from 11 200USD and further, we should be ready to see a new attempt to break 12 000USD. Probably this time, the buyers will succeed with this task. If not, we will see the sideways movement between the support and resistance.
If the price breaks 11 700USD, it will be a bearish signal. It will tell us that the sellers are in control of the price and they are going to push the price toward 11 200USd and 11 000USD.
How to trade?
I would search for buying opportunities at the support zone. The breakout above the resistance will give us another bullish signal. If we talk about short trades, it will be possible to use reversal signals from 12 000USD and the breakout below 11 700USD. All trades must be opened with the exact stop points.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
At the same time, we have to note that the sellers also could not push the price below the support. We see 3 attempts, which also failed. It is a signal that the sellers are not so strong as well. The price could stay above the support as well as above MAs with different periods. What does it mean for us?
As we don't have active sellers, and we could see increased volume from 11 200USD and further, we should be ready to see a new attempt to break 12 000USD. Probably this time, the buyers will succeed with this task. If not, we will see the sideways movement between the support and resistance.
If the price breaks 11 700USD, it will be a bearish signal. It will tell us that the sellers are in control of the price and they are going to push the price toward 11 200USd and 11 000USD.
How to trade?
I would search for buying opportunities at the support zone. The breakout above the resistance will give us another bullish signal. If we talk about short trades, it will be possible to use reversal signals from 12 000USD and the breakout below 11 700USD. All trades must be opened with the exact stop points.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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